Hunt Mortgage Group Refinances Three Multifamily Properties in Baltimore, Maryland
— Total funding equals $3.2 million —
New York, NY — October 12, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided three Fannie Mae loans that total $3.2 million to refinance three multifamily properties located in Baltimore, Maryland.
The borrowing Entity is a Maryland LLC and single asset entity. The loans all have a 10-year term with a seven-year yield maintenance period and 30-year amortization schedule. The properties include:
- Mount Royal. Mount Royal is a six-story apartment building that contains a total of 21 units. The property was developed in 1907, was renovated in 2011 after the borrower purchased the property, and continues to be renovated. The site is situated on a 0.12 acre parcel of land and offers two one-bedroom, one-bathroom units, one two-bedroom, one-and-a-half bathroom apartment, one three-bedroom, two-and-a-half bathroom unit, and one three-bedroom, three-bathroom apartment. Mount Royal is currently 90% occupied.
- St. Paul 1. Developed in 1920, St. Paul 1 is a four-story apartment building containing five units. The property was renovated in 2013 after the borrower purchased the property and continues to be renovated. The site is situated on a 0.05 acre parcel of land and offers two one-bedroom, one-bathroom apartments, one two-bedroom, one-and-a-half bathroom apartment, one three-bedroom, two-and-a-half bath unit, and one three-bedroom, three-bathroom apartment. The property is currently 100.00% occupied.
- St. Paul 2. Saint Paul 2 is a four-story apartment building, containing eight units. The building was developed in 1860 and was renovated in 2013 after the borrower purchased the property. The site is situated on a 0.09 acre parcel of land and contains two studio units and six one-bedroom apartments. St. Paul 2 is currently 100.00% occupied.
“The borrowers are seasoned executives with solid experience in real estate investment, development, construction and management,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The properties are all older, but have been recently renovated and are well maintained. We were pleased to provide and close concurrently on all three of these Fannie Mae loans.”
“The key principals selected Hunt Mortgage Group for our expertise in navigating a complex ground lease along with a fund ownership structure. I look forward to the challenge of closing similar transactions in the future,” said Jake Kressner, Vice President with Hunt Mortgage Group.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The Company finances all types of multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 147 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.